VTB Bank of Russia advocates for banking deregulation in defense finance.

Andrei Kostin, VTB Bank's CEO, believes that easing regulations for Russian banks involved in financing industrial enterprises' drone defence equipment purchases in the civilian sector is a sensible proposal.

Andrei Kostin, CEO of VTB Bank, suggests that relaxing regulations for Russian banks financing drone defence equipment purchases by industrial enterprises in the civil sector could be a beneficial move.

Ukrainian drone strikes have severely impacted Russian industries such as oil refineries, storage facilities, fertilizer production sites, and ports since the beginning of this year.

Russia's top business advocate recently informed President Vladimir Putin that major corporations are prepared to acquire advanced military equipment, including heavy arms and electronic defense systems, for their facilities.

Kostin suggested exploring potential regulatory adjustments with the central bank regarding banking rules for enterprise financing of defense-related transactions. This inquiry was made during a press briefing at the major economic forum in St. Petersburg, Russia.

Kostin believes the proposed initiative is beneficial and aligns with VTB's stance on providing essential financial backing for companies to guarantee security.

In a dramatic escalation, Ukrainian drones struck an oil terminal in St Petersburg just as Russia's fifth wartime economic forum was about to convene there.

In a hit escalation, Ukrainian drones struck an oil terminal in St Petersburg just as Russia's fifth wartime economic forum was about to convene there.